The rest of the payment is the business

After the onchain leg, someone still converts local currency in and local currency out, warehouses foreign-exchange liquidity, runs know-your-business and sanctions checks, handles a payment sent to the wrong account, integrates with banks, cards and mobile money, holds a licence, and lives with the reserve risk of the stablecoin itself. None of that is abolished by a fast ledger.

The framing that fails is “blockchain is cheaper than banks.” Cheapness is sometimes true and usually beside the point. The recipient of a supplier payment does not want a lecture on consensus. They want the money to arrive, to cost less than the old corridor, and to be reconcilable the same day.